SMM5 March 25: most of the outer disk metal market was red yesterday, and Lun Copper rose on Monday as a weaker dollar spurred moderate buying, but gains were limited because of concerns about controls on industrial metal prices in China, a major consumer country. There are ups and downs in the LME metal market today. As of 09:30, Lun Copper rose nearly 0.4%, Lun Aluminum fell nearly 0.4%, Lun lead and Lun Zinc rose nearly 0.2%, Lunni rose slightly, Lunxi fell slightly. Domestically, international copper rose nearly 1%, Shanghai Copper rose nearly 1.1%, Shanghai Aluminum fell nearly 0.5%, Shanghai lead fell nearly 1.4%, Shanghai Zinc rose slightly, Shanghai Nickel rose nearly 1.2%, and Shanghai Tin rose nearly 0.8%.
On the copper side, the dollar index fell. At the same time, Fed officials said that inflation is only temporary and is far from the point where there is a need to discuss downsizing QE, curbing investor speculation about the Fed's tightening of monetary policy and some improvement in risk appetite. During the night, all three major US stock indexes closed higher, and US oil rose nearly 4%, the biggest gain in a month, also to the copper price.
[minutes of SMM Morning meeting] inflation fears have eased and market sentiment has led to a rebound in copper futures.
In terms of aluminum, from a macro point of view, five departments, including the National Development and Reform Commission, interviewed key major companies over the weekend, and the domestic macro atmosphere quickly emptied, and Shanghai aluminum prices suffered a significant setback in early trading on Monday. Overseas, the initial value of the composite PMI of the United States Markit hit a record high, followed by a strong economic recovery from the epidemic, while the market was worried about the outlook for inflation.
[minutes of SMM Morning meeting] five departments interviewed the short-term shock operation of aluminum prices in key enterprises.
In terms of lead, worries about strengthening domestic commodity regulation yesterday limited the trading of all non-ferrous metals, and the market bulls were slightly cautious. Shanghai lead opened high and went low overnight, with a 5-day moving average below the 5-day moving average, recording a long shadow negative column and closing down slightly. Daytime attention to Shanghai lead below the 40-day moving average, 15300 yuan / ton first-line support. It is expected that the average price of SMM1# lead today.
[minutes of SMM lead Morning meeting] lead continued to weaken overnight and the spot market was undertraded.
Zinc, overnight Shanghai zinc recorded a positive line, the upper 20-day moving average to form a pressure, the lower Bollinger Road rail to provide support. Overnight, domestic regulators paid close attention to the trend of commodity prices. Driven by frequent policies and macro sentiment, the market waited for prices to fall further, while social inventories continued to record cuts to limit their falling space. It is expected that zinc prices will fluctuate weakly under policy pressure in the short term.
[minutes of SMM Zinc Morning meeting] Government regulation strengthens short-term zinc prices or shocks are weak
In terms of black, threads rose nearly 0.4%, hot rolls fell nearly 0.3%, coking coal rose nearly 2.7%, coke rose nearly 2%, iron ore fell nearly 0.1%, stainless steel rose nearly 0.2%, hot rolls, frequent bad news over the weekend, sentiment dragged down this volume price fell again, the spot quotation fell 190-250 yuan / ton in morning trading, the transaction was deserted, the market inquiry atmosphere was low, and the wait-and-see mood was strong. The current market price has fallen below the cost of most merchants, market sentiment is relatively low, afternoon volume rebounded slightly, but spot transactions have not improved significantly, mainstream quotations maintain stability, trading throughout the day is weak.
[minutes of SMM Morning meeting] Thread predicts short-term weak concussion and subsequent decline
Crude oil rose nearly 3.5 per cent in the previous period, and international oil prices rose more than 3 per cent on Monday, driven by demand growth driven by novel coronavirus's vaccination. this has led traders to be optimistic that the market can absorb Iranian oil supplies that will flood the market if negotiations between the West and Tehran lead to the lifting of sanctions.
In terms of precious metals, Shanghai gold fell nearly 0.9%, while Shanghai silver fell nearly 0.4%. Comex gold futures edged higher on Monday as a weaker dollar and lower US bond yields increased the attractiveness of gold as investors waited for data to be released this week, which should help them assess the pace of the US economic recovery.
As of 09:30, the status of contracts in the metals and crude oil markets:
"Click to see more SMM metal prices.
